FX.co ★ NZDUSD holding below descending trendline resistance! Potential for drop!

NZDUSD holding below descending trendline resistance. With price holding below moving average, a short term drop below 1st resistance at 0.71127 towards graphical swing low at 1st support at 0.70776 could be possible.

Trading Recommendation

Entry: 0.71127

Reason for Entry:

50% Fibonacci retracement

Take Profit: 0.70776

Reason for Take Profit:

-27.20% Fibonacci retracement, Graphical swing low support

Stop Loss: 0.71302

Reason for Stop Loss:

Graphical swing high resistance